Immucor, Dell, Lehman Brothers

SAN FRANCISCO (MarketWatch) -- Among the companies whose shares are expected to see active trade in Tuesday's session are Immucor Inc., Dell Inc., and Lehman Brothers Holdings Inc.

Immucor
BLUD
is expected to report third-quarter earnings of 21 cents a share, according to analysts surveyed by FactSet Research.

After Monday's closing bell, Dell Inc.
DELL
said it plans to cut product costs and close its Austin, Texas desktop manufacturing facility in fiscal 2009 in a move to focus more on its global consumer, enterprise, notebooks, small and medium enterprise and emerging countries areas. The company expects to realize initial benefits from the moves in the second half of the current fiscal year, and to achieve annualized savings of about $3 billion over the next three years. The company is also considering strategic alternatives for its Dell Financial Services financing activities. Dell also reaffirmed its plans to cut at least 8,800 jobs, and said it has cut about 3,200 jobs over the past nine months.

Also, Lehman Brothers Holdings Inc.
LEH
said it plans to offer 3 million of convertible preferred shares "in response to investor interest." Lehman also expects to grant the offering's underwriter an option to purchase up to 450,000 additional preferred shares. It said the proceeds will be used to bolster capital and increase financial flexibility.

Watch list

Cemex
CX, -1.79%
said it sold about 90% of its stake in telecom company Axtel for about $257 million. Rodrigo Trevino, Cemex chief financial officer, said the proceeds will be used to pay down the company's debt.

International Business Machines said
IBM, +0.70%
it learned it has been temporarily suspended from new business with federal agencies because of a procurement investigation. The Environmental Protection Agency is probing possible procurement integrity violations by IBM employees. IBM also said it has been served with grand jury subpoenas from the U.S. Attorney's Office for the Eastern District of Virginia to provide testimony and documents related to EPA business.

KKR Financial Holdings
KFN
said it will sell 20 million new shares. The investment firm also said it transferred mortgage-backed securities to holders of its commercial paper in return for those noteholders releasing KKR Financial from its obligations to repay them. The company also announced that it agreed to sell a controlling interest in its real estate investment trust subsidiary to Rock Capital 2 LLC.

Legg Mason Inc.
LM, +0.18%
said it will book a fiscal fourth-quarter noncash charge of $195 million, or $1.38 a share, from capital support agreements it entered to back a money market fund managed by a subsidiary. Based on current market conditions, the company said it accrued an estimated noncash charge of about $279 million, or $1.96 a share, in the quarter ended March 31, on its money market support. Legg Mason said it will make capital contributions of up to $400 million to the money market fund under its agreements if the fund realizes a loss on certain sales related to asset-backed commercial paper securities in its portfolio.

Media General Inc.
MEG, +0.05%
said it received about $58 million from the sale of its SP Newsprint Co. joint venture to White Birch Paper Co., and expects to record a fourth-quarter noncash charge on the deal. The Richmond, Va., communications company expects proceeds of the sale the venture, which was also owned by SP Newsprint Co. and Cox Enterprises Inc., to reduce debt by about $38 million. Media General also intends to sell five television stations, generating about $100 million to $105 million in proceeds that will further reduce debt. The company projects debt will be about $770 million by the end of the year.

RiskMetrics Group Inc.
RMG, -1.38%
said its fourth-quarter profit fell to $1.2 million, or 2 cents a share, from $3.7 million, or 7 cents a share, a year ago. Revenue rose to $67.6 million from $25.3 million in the year-ago period. Analysts estimated a profit of 2 cents a share on revenue of $64.9 million.

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